FAAA confident in restarting lapsed Senate inquiry | Australian Markets

The Financial Advice Association of Australia (FAAA) believes it may possibly succeed in having the foremost events resurrect the now-lapsed Senate Economic Committee inquiry review the Compensation Scheme of Last Resort in the context of the Dixon Advisory collapse.

And if it does succeed, it desires to have the phrases of reference mirror the fall-out from the collapse of the Shield and First Guardian merchandise that are already being flagged as feeding into the associated fee of the CSLR.

common supervisor, Phil Anderson took to social media to reassure members that the lapsing of the Senate inquiry had been anticipated as a consequence of the election and that, consequently, the organisation had been working throughout celebration strains to get it restarted.

“… the FAAA is now working closely with the Financial Services Minister and the Shadow Minister to get the inquiry re-mounted,” Anderson stated.

“Both parties have indicated that they support the inquiry and we are currently going through the processes required to do so. There is no indication that this won’t succeed.”

“The FAAA continues to imagine an inquiry is crucial to know the total scope of what went flawed with Dixon Advisory and to make sure it isn’t repeated.

“The recent experience with Shield and First Guardian emphasises the importance of an inquiry into such matters,” Anderson stated.

The unique Senate inquiry was initiated in October/November final 12 months and was all the time going to be hard-pressed to finish its work earlier than the expiry of the final Parliament on the calling of the May Federal Election.